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is heading off a fiscal cliff. congress is going back into a lame duck session. we don't know what is going to be happening other than we know we have a huge fiscal crisis on our hands. we know there will be a lot of tax increases going into effect. americans are going to to be shocked and many things are going to trigger, expiration of the bush tax cuts or increases in affordable health care act and penalties. there are so many things that are going to trigger to increase taxes not only on individuals but businesses and certainly even upon state budgets. >> greta: what is overriding all of this, the reason we're going off the fiscal cliff is because a year and a half ago the congress and president and senate didn't do this work and pushed it up against a deadline. the reason you don't know what is happening with the state guidelines, they had a healthcare claw lau for two years. i know you are a member of congress but nobody is doing any work to get anything done. frankly if you don't know what the rules are, how can you set up the exchange on the promise they are going to do it right late
. the fiscal cliff is a term used to illustrate drastic fiscal tightening if congress fails to reach an agreement by year's end. such a situation is feared to trigger a plunge in the economy. panetta warned that defense spending will be subject to drastic cuts if lawmakers failed to reach a consensus. >> the worst thing that could happen from my perspective is that they just kick the can down the road. all that would wind up doing is continuing to present a shadow over the defense department and for that matter, the rest of government. >> the defense department is already planning to reduce its budget by about $500 billion over the coming ten years. panetta has voiced concern that further cuts could undermine barack obama's new defense strategy that lays more emphasis on the asia pacific region. >>> japanese officials are scratching their heads about how to deal with sluggish trade. sales to foreign countries have plunged leaving japan in a trade deficit for the fourth straight month. finance ministry officials released preliminary figures shortly before the markets opened. the defic
to do with the fiscal cliff. that is congress not paying attention to what's going on with health care. they are blaming obamacare on this, but this was before the election the price of health care was going up. across the board, we are not dealing with problems at hand. both sides of the aisle, those that don't want to give an answer to this before we go over the fiscal cliff, they're not responding to the will of the people. they will be voted out. there's no doubt. if we have some very lovely and caring republicans that are very conservative and we love them, but we will vote them out if they don't fix this. we are holding them responsible as we are holding the democrats. host: thanks for the call. we will continue discussing the fiscal cliff and taking your calls. we want to point out some other news going on in the world. here's the front page of the boston globe this morning -- clinton was dispatched by president obama to israel and is meeting today with egyptian officials and palestinian officials as well. the headline from the tribune -- late tuesday night clinton met with benj
, will congress be able to reach a fiscal cliff deal that really cuts spending and the deficit? wooohooo....hahaahahaha! oh...there you go. wooohooo....hahaahahaha! i'm gonna stand up to her! no you're not. i know. you know ronny folks who save hundreds of dollars switching to geico sure are happy. how happy are they jimmy? happier than a witch in a broom factory. get happy. get geico. fifteen minutes could save you fifteen percent or more. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone charges and cable, plus at office supply stores. rewards we put right back into our business. this is the only thing we've ever wanted to do and ink helps us do it. make your mark with ink from chase. >>> another busy news day. markets higher right now. we had the cease fire now announced between israel and hamas. if there isn't peace in washington on avoiding a fiscal cliff, will these gains go away in a hurry? >> joining us now, rich bernstein, cnbc contributor, anthony chan, and our own bob posani. bob, so far we've seen, what, t
investing. risk includes possible loss of principal. gerri: with all the talk of the looming fiscal cliff, you would think congress would be hard at work in d.c. negotiating a deal. you would be wrong. they're on thanksgiving recess. if not for the country is facing a nancial disaster or anything. oh wait, we really are. joining me n, doug holtz-eakin. former cbo director under president george w. bush. always a pleasure to have you on the show. today the federal reserve chairman ben bernanke warned congress, said look, i can't help you out if you go over the fiscal cliff, there is nothing the federal reserve can really do at this point. do you think congress realizes, understands the stakes here? >> i hope they do, this is a clear and present danger to the u.s. economy and it is not just what happens if we go over the fiscal cliff, it is actually affecting the economy right now. a big drag of business confidence, businesses are already t doing very well, negative investment, really cannot afford to make the situation any worse and we have heard some members of congress talk about going o
to the suspects. >>> warning from the fed chairman to the president and congress about that fiscal cliff. >>> pretty rainy on san mateo bridge and the weather could also effect flights into and out of sfo. we'll have more of that coming up. ♪ ...could end with adding a close friend. ♪ the lexus december to remember sales event is on, offering some of our best values of the year. this is the pursuit of perfection. brings light and fragrance together, to create a mesmerizing experience in your home. try the new color changing candle. something in the air wick. >>> welcome back. time now 5:13. president obama is back at the white house this morning after his whirlwind trip to southeast asia. here is video the president returning to joint base andrews in maryland after midnight last night. the white house says the president trip was successful in showing that asia is strategically important to the u.s. especially as a trading partner. and the white house says the president's visits to myanmar and cambodia demonstrate how the u.s. example can influence other countries. >>> ben bernanke is
quickly face the challenge of his second term, avoiding this fiscal cliff. in august of 2011 congress passed the budget control act which threatened automatic spending cuts if congress failed to come up with a planned deficit reduction by 2013. these cuts are what we refer to as sequestration. this would mean an across the board cut of between 7% and 10% of all defense and non-defense federal spending irrespective of policy or its impact on everyday people. these cuts would be absolutely devastating to our national and local economies. our -- show that sequestration will reduce federal funding direct to san francisco by at least 26.5 million dollars a year, every single year. we would see over $5 million of cut to education, and almost $3 million of cuts from public housing. san francisco's allocation of medicare would be cut by $2 million. funding for the wic workforce program would lose almost $5 million. there would be a $1 million cut to housing services for people with hiv and aids and more than $1 million cut to the community development block grant program. ladies and gentlemen
reserve chairman ben bernanke warns congress to avoid the fiscal cliff, saying even the federal reserve doesn't have the tools to deal with the consequences. >> tom: i'm tom hudson. this man has many lawmakers pledging never to vote for higher taxes. find out what grover norquist thinks will happen with the fiscal cliff. >> susie: and hewlett packard stuns investors with news of an $9 billion mistake. >> tom: that and more tonight on nbr! >> susie: federal reserve chairman ben bernanke came to new york city today to send a tough message back to washington-- get your act together. he urged lawmakers and the white house to reach a quick deal to avoid the fiscal cliff, saying it might mean next year could be "a very good one for the economy." ben bernanke didn't endorse any specific tax or spending policies to solve the fiscal cliff, but he urged lawmakers to think creatively. he said an agreement on ways to reduce long-term federal budget deficits could remove road blocks to growth. on the other hand, going over the cliff might mean a recession. on top of that, worries about a deal were a
. bernanke made it clear congress and the president own this fiscal cliff. it is on them to overt the crisis. take a look at the day on wall street. the dow jones finished up. and the s&p 500 up 30 and a quarter points on the session. volume very light. markets closed tomorrow. half a day on friday. thank you for being with us for all of us here at the closi"clo bell." >> follow us on twitter. . >>> it's almost thanksgiving and in the world and wall street we have lots to be thankfu
bernanke who coined the term fiscal cliff warned of dire consequences if congress doesn't get their act together. >> spending cuts that make up the fiscal cliff absent offsetting changes would pose a substantial threat recovery. by the reckoning of the congressional budget office, the cbo, and that of many outside observers a fiscal shock of that size would send the economy toppling back into recession. >> let's translate that. according to the congressional budget office, falling off the cliff would cut the deficit but stop economic recovery in its tracks. now presidents in both parties usually try to put money in people's pocketses to stimulate the economy. president bush sent taxpayers a refund check while obama has cut payroll taxes. p falling off the cliff is a reversal of that approach. that's why the cbo estimates economic growth would drop under 1% to just .5%. and unemployment could jump over a point to 9.1%. heather, we know the costs, we understand this game because the republicans have been playing it for a while. do you think anything has shifted post-election in way that w
. bernanke says without a deal, the fiscal cliff could trigger a recession next year. congress must act by january 1st in order to avoid the automatic tax increases and spending cuts. >>> happening right now, a court hear something underway. a bankruptcy judge is expected to decide on a motion to allow hostess to liquidate. the hearing comes after hostess failed to reach a deal with its striking bakers union. more than 18,000 people are expected to lose their jobs if hostess goes out of business. >>> well, the labor department released the weekly job report a dayer -- a day early. first-time claims for unemployment bennetts fell. the number is still higher -- benefits fell. the number is still higher than expected because of hurricane sandy. 410,000 filed -- filed for benefits. >>> and when the giants will' tickets will be -- and when the giants' tickets will be going on sale. >>> and sal is coming back one more wednesday morning commute check for the before the thanksgiving holiday. -what's up? i'm chris. -and i'm erik. both: we're the fruit guys! back in 1998, we had this idea to deli
," as if congress neededre raises new alarms about the fiscal cliff. >>> when we come back, we'll huddle around the water cooler. >> oh, my lord. >> what is going on with the lab coat? >> let me read this. a helpful crash course on preparing your turkey. >> all that when "way too early" returns. my insurance rates are probably gonna double. but, dad, you've got... [ voice of dennis ] allstate. with accident forgiveness, they guarantee your rates won't go up just because of an accident. smart kid. [ voice of dennis ] indeed. are you in good hands? >>> all right. this is where we say enough with the real news, let's send it ov over. what is lewis wearing? >> will you learn how to cook turkey today. he's a gentle creature with frail hands, frail bone structure. as you talk about slaughtering turkeys this weekend, i think turkeys have much more of a masculine bone structure. >> take it away. >> it's time to gather around the water cooler. president obama pardoned some turkeys. peta has objected to the pardon saying -- >> what are you wearing? >> it's more like a chef's coat. >> really? you look lik
an agreement of tax increases and spending cuts in the so-called fiscal cliff. without a deal the fiscal cliff could trigger a recession next year and congress must act by january 1st in order to avoid that automatic tax increase and spending cuts. >>> time is 6:15. a new stumbling block for hillary clinton's chances to reach a middle east cease fire. a bus explosion in tel aviv. alison burns is live in our washington, d.c. newsroom. alison. >> reporter: dave, we received a statement from the white house within the past hour calling the attack on innocent civilians outrageous. israelis say it was a terrorist attack the bus bombing in tel aviv hurt at least 18 people. three seriously. hamas praised the attack but did not claim responsibility. secretary of state hillary clinton who is in egypt at this hour also issued a statement saying the u.s. strongly condemns the attack and ready to provide any assistance that israel requires. secretary clinton is is calling for a truth and longer term agreement. >> the goal must be a durable outcome that promotes regional -- >> reporter: prior to the bus b
but i am saying the majority of members of congress see the fiscal cliff we want to sit down and we want to get something worked out. >> if you appropriate some of the money you achieved by eliminating deductions and loopholes to the national debt, even though that may technically violate the pledge, sign me up. that's a reasonable accommodation for a republican to make. >> jennifer: for the record, that was senators john mccain and lindsey graham so the question is this grover norquist's last stand? here with an answer is donnie fowler. donnie of course, democratic strategist and great political operative. welcome back into "the war room." is it grover norquist's last stand? >> we can only hope. look, i think republicans should just say sign the pledge for the last election. not for this congress. it expired. there's only 39 of the 40 top senators and republicans -- six are freed. let his people go, grover. let your people go. >> jennifer: he ain't going to let them go. all of this is occurring in the contex
with the fiscal cliff. as he proposed, no dealing with the fiscal cliff. next year, but dealing with it in the future, the far future. this is bizarre. lou: by the way, does the president have a role in all this? >> well, the president -- lou: in bernanke's mind. >> the president has been -- well, he certainly had something to do with obama's reelection. no question. quantitative easing, qe3, the aggressiveness of the federal reserve to pump up the money supply and attempt to keep the economy on an even keel helped obama and the election. lou: your outlook? fiscal cliff, yes or no? do we go over it? if so, the consequences. >> we do not come by but not for the good reasons which i have heard you analyze. very little movement on tax rates next year. very little movement on spending generally a slight decrease. lou: no movement, are using the bush tax cuts will be allowed to expire? >> no. what i'm saying is that the bush tax cuts, but for a slight modification will persist in 2013. spending reductions, which were made by the forced sequester will not be made in the amount suggest
. >>> if congress fails to come to an agreement on the fiscal cliff, the head start grant program will see its funding cut by over $620 million affecting almost 100,000 low-income children and over 20,000 jobs. ♪ [ male announcer ] 'tis the season to discover the kid in all of us. enjoy free shipping and great values on your holiday shopping from l.l. bean. you can stay in and like something... or you can get out there and actually like something. the lexus december to remember sales event is on. this is the pursuit of perfection. well, having a ton of locations doesn't hurt. and my daughter loves the santa. oh, ah sir. that is a customer. let's not tell mom. [ male announcer ] break from the holiday stress. fedex office. [ male announcer ] break from the holiday stress. thrget 3 yearsgiving weekend, interest-free financing and save up to $600 on beautyrest and posturepedic. even get 3 years interest-free financing on serta icomfort and tempur-pedic. mattress price wars ends sunday at sleep train. >>> my colleague sue herera recently spoke to some icons of the fashion and retail world while
continuing to take down for congress and president obama to make a deal to avoid going over the fiscal cliff. 40 days. our next guest says everyone should be preparing. no matter what changes are coming in 2013, well manager and president and founder joins me now. let's talk about this. i am sure many of your clients are coming in to you right now and saying we have got to do something, what we going to do? what do you tell them? >> absolutely. everybody wants to know what do we do and what is going to happen? if they don't come to an agreement we will all feel this. right there. [talking over each other] >> it is just a kleenex. the reality is when my clients come and i want to share with them a couple things we can control in our lives the coming weekend. taxes and that we are not going to control so let's look at the positives and control what we can control. if we have positives in the portfolio and gains i tell my clients to harvest those gains. if you doing many rebalance, some of my clients want to go on trips to italy, i am going to harvest that $10,000 and put it aside and a 15% on
bernanke is pushing for a compromise on the fiscal cliff. in a speech tuesday he said if president obama and congress can resolve the crisis unemployment would go down and the economy would grow. falling oil prices and an announcement that hewlett packard is taking a $9 billion write down. the dow lost just over seven points while the nasdaq was mostly unchanged. shares of home builders rallied on news that home construction jumped in october to a four year high. construction of apartment buildings was especially strong up 10%. and it looks like hostess's twinkie is cooked. the snack maker failed to reach mediation session. on monday a bankruptcy judge asked the two sides to meet. no agreement in place the judge will decide today if the maker of ho-ho, ding dongs and wonder bread can shut down their operations. hopefully other companies will swoop in and make those treats. >> it ain't over. you can't hold the twinkie down. >> i'm not sharing. >> ashley morrison here in new york. in sports this morning the lakers get a new coach and get a win. mike d'antoni made his debut as the lakers ne
, the irs issuing a warning that if congress does to address theg that if fiscal cliff and the alternative minimum tax passed tens of millions of us could be hit wit a vecry large tax bill. also might not want to be able to file much later, so expect major delays for that refund. a you with more, a co-founder. er i cannot get over this wholev story. st we have the fiscal cliff. part of that, but the irs is saying we're not going to changi our computer program because we really don't know what willor ce .really d't it could be chaos out there. ou >> they are expecting that theyh will sign a patch like they have fin every year, but -- a gerri: and that means the law goes back to what it has been of the past 12 months, and you don't have to pay that. t w many people would be on thes hook? ha will what it means?eople would b >> right now theree are about 4 million infected people, butfr that would go up to 30 some odd million people.on so 28 million people would now be thrust in. if you remember, this was going t be t back to 1969, 1970. to 155 people is what they wanted to get that were not p
director for the national congress of american indians explains with the fiscal cliff and native americans and the alaskan native communities. plus, e-mails, phone calls, and tweets. >> there are many people who might even take issue with great saving the union during the civil war. did it lincoln did that? he did. i will not a grant is the only person to save the union, but he was the commanding general of the army that would think the policy to affect, and he was the general who accepted the surrender of the army of northern virginia under robert e. lee that ended the war. if anybody won the war on the battlefield, if you could say that any one person did, and of course you cannot, but one of the things we do when history is we generalize, simplify, because history reality is simply too complicated to get our heads are around if we deal with it in the full complexity. granted save the union during the civil war, and i do contend he same award during reconstruction as well. -- he saved the union during reconstruction as well. jh.w.w brands of the light of ant.ses s. korgr >> the offense o
to say, okay, i want to talk about the choices in front of us in the fiscal cliff. we did over 350,000 events on dashboard. it would be easy for supporters to start asking people to call members of congress. >> the biggest assets is republican stubbornness. here's tea party senator rand paul addressing incoming republicans about the fiscal cliff. >> but the bottom line is it's a mistake to raise taxes on anybody we shouldn't in on it it. those who are new here, please hold the line. there's one compromise i would be in favor of and that's that all spending should be cut. we compromise enough to say let's look for waste in the military budget. the liberals have to compromise. >> despite losing the election, republicans still have a very much my way or the highway attitude about all of this. they have less leverage now than they ever had on this issue. "the new york times" reported on more defections from the anti-tax pledge. peter king of new york is the latest who marginalized the number one conservative lobbyist in washington. king said "a pledge is good at the time you sign it. i
business of the current congress, including how to avoid falling off the fiscal cliff, how to prevent it from happening, and the impact not as on the fence of the discretionary budget as well, and for our purposes, hopefully they will also take the time to pass a defense authorization in order to be able to set some important policy guidance we year. the hope is these issues can be resolved before congress adjourns, and we are all hopeful the leadership will be able to come together to find a way to resolve these issues. these are tough decisions. i know how tough they are, but they can do it. it will take some risks, but that is part of the game. right thing, and i hope they do that. the worst thing that can happen from my perspective is they just kick the can down their road. all that would wind up doing is continuing to present a shadow as to what ultimately will happen, and that is the last thing i need. the fact is when it comes to national security, which challenges and opportunities we face in the future go beyond the political gridlock of the moment. they are significant as we
though it's an abbreviated week. we have this vacuum on the fiscal cliff. that's a mild positive under the market. next week congress comes back, heaven help us. there might be untward comment from somebody, doesn't have to be the speaker, could be somebody else saying the votes aren't there. it could be a key issue. what's going on in europe will be another key issue. looks like the market wants to tiptoe through the holiday. there's a mild upward historic bias to today, also to the abbreviated session on friday. monday not so much and i think that fits in with congress coming back. >> is there bias to the next week, all of the next weeks going into december. why is that? >> people look for the santa claus rally. in the couple of years we've had santa on a milk carton but today he's ringing the opening bell. i heard him tell one of the good little traders that -- >> they still make those? >> he looked 6% busier than last year but we couldn't find out if it was domestic or worldwide. we'll have to wait and see. >> i doubt it was europe. >> probably not europe. >> a year ago we were suf
the uncertainty, the u.s. fiscal cliff. no talks this week in washington with congress on a recess and the president traveling and the conflicts in the middle east fueling volatility. oil prices up three quarters a percent in electronic trading. and it is looking more likely that hostess will shut down after mediation talks with union workers that failed yesterday. there's a bankruptcy hearing scheduled for later today. we'll find out the fate of hostess. 18,000 people and their jobs are at risk if the company liquidates and hostess could sell their recipes to pay off their creditors. if the company is liquidated, it looks very likely it would close 33 bakeries, 565 distribution centers and 55-00 delivery routes and 570 bakery outlet stores in the u.s. and what does it take to be in the top 1%? what do you make to be a 1% one percenter? the average one percenter earns 1.12 million dollars a year. >> it's at the heart of the fight of the taxes and all that. >> the one percenters. >>> they are pilots who never leave the ground. coming up, cnn is on the ground in israel. an up-close l
go over the fiscal cliff there is no stopping the damage. >>> superstorm sandy is still having an impact. this time on thanksgiving travelers. >>> we begin with a look at today's "eye opener," your world in 90 seconds. >> seeing the rockets back and forth as this conflict has been escalating. this is a new level of violence. >> in tel aviv a bomb rips through a city bus. >> comes after a week of attacks between the israeli defense forces and palestinians in gaza. >> efforts to end the fighting between israel and hamas so far have come up short. >> the rocket attacks on israeli towns must end. >>> secretary of state hillary clinton met with palestinian leaders this morning as talks continue to end the blood shed. >> at this stage nobody really knows. >>> millions of americans head out to their thanksgiving destinations. >> it is game on for more than 43 million americans hitting the roads. >> more than 3 million of us are expected to fly to our destinations this holiday. >> it's going to be so jammed up, listen to this, tsa agents say passengers are be
a ground war can be avoided. gregg: a new warning from ben bernanke about the fiscal cliff. >> what i'm particularly concerned about is we avoid the full force of the cliff which would be quite substantial. gregg: if congress doesn't act and act quickly every household in america will feel it. we'll explain how. heather: a jury finds the right price for a former game show beauty claiming discrimination, but this legal battle is far from over. [ fishing rod casting line, marching band playing ] [ male announcer ] the rhythm of life. [ whistle blowing ] where do you hear that beat? campbell's healthy request soup lets you hear it... in your heart. [ basketball bouncing ] heart healthy. great taste. mmm... [ male announcer ] sounds good. it's amazing what soup can do. to get our adt security system. and one really big reason -- the house next door. our neighbor's house was broken into. luckily, her family wasn't there, but what if this happened here? what if our girls were home? and since we can't monitor everything 24/7, we got someone who could. adt. [ male announcer ] while some compa
, today urged congress and the white house to strike a deal to keep us from plunging off the fiscal cliff. he says a compromise would prevent sudden and severe shock to our economy. if the two sides do not reach a deal, we know exactly what's going to happen. after new year's day, tax cuts expire for everybody. and deep automatic spending cuts take effect. economists say that could send us right into another recession. mike emmanuel live on capitol hill. hello, mike. >> shep, congressional sources say talks have been business like and productive and almost everybody realizes they're going to have to give a little to get this done. several senators mentioned entitlement reform when i asked about where to cut. >> reform doesn't mean you throw these programs out. you run them more efficiently. you look at the fraud or waste and abuse that's been identified and then you come into the revenue picture. you know. people will call me and say, we need to trim this program. good with me, but the problem is it doesn't generate the difference that you need to make here. >> nebraska senators calling f
this fiscal cliff situation. are democrats going to hold their spine and stand up to republicans on this? there's a lot of anxiety on the left about this. >> i think there is. while i think the president, if he could get it, would like to have a big deal before christmas. i think it's doubtful it will happen. i think the john boehner op-ed shows you why. boehner is still guarding his right flank. everything he does, he's still trying to give gimmes to the republican base. we can say all we want -- the republican operatives want to change the party. but the base of the party is still there. they still exist. the tea party base. not only are they still there, 87 are still in the lame duck congress. you see boehner regarding his speakership into december. i would say we get past december 31st, get to january 3rd, reorganize the congress and then they make a deal. >> let's hope that's right. thank you for joining us. have a great thanksgiving. >> you, too. >>> next, the presidential pardon. stay with us. >> now, i joke but for the first time in our history, the winners of the white house tur
there are people who agree with you. are you willing to stand that ground and not yield and go over the fiscal cliff rather than yielding on that position of marginal rates? >> kiffin important for us to solve this prblem i think with the economy flying solo and so slow, congress and the president ought not be creating turbulence right now. let's just solve this thing. let's all that the right way. melissa: i hear you. what do you do from there to avoid going over the cliff? >> i think the common ground is revenue. we know that we can balance and pay our debts and build that gdp, which is what are generating. eighteen, 18 and a half percent, @%different issue. we think we can work with the president and democrats to find a way to create new revenue, mean substantial revenue to start taxing. melissa: you think you have a proposal on paper laid out that is verclear because they say the math is not work. you think you can show them the math and bring a proposal to the president that generates enough revenue to convince them to back of the marginal tax rate think? >> absolutely. and in truth, rai
or walk off a fiscal cliff? and i said, you know, that issue of whether our democracy can truly function and have leaders that are prepared to make the decisions that have to be made in order for this country to govern itself is, i think, you know the issue that will determine ultimately whether we have national security. and it's the same way with the law of the seas. i go to the asia pacific region and they are having territorial dispute over these rocks out there -- [laughter] >> obviously, it's about the resources that are offshore those rocks. but they are having these dispute over these areas. and what are -- one of the arguments i make is, wait a minute. we have to maintain freedom of the seas and maintain navigation rights and some of these countries look at me and say, you know, what are you talking about? you haven't approved the law of the seas treaty. how can you tell us what the hell to do here? they're right. they're right. we are the only industrialized country that has not approved that treaty, the only industrialized country that has not approved that treaty. in order fo
holiday are it will have a pretty slim window to broker a deal on the fiscal cliff and indications from the opening round of negotiations, shocking, are don't bode well. let's bring in our political panel, "washington post" editorial editor ruth marcus and po pollster fred yang. welcome, team. >> morning. >> been around here a little bit this morning. i want to play what ben bernanke said about the fiscal cliff and get your reaction on the other side. >> continuing to push off difficult policy choices will only prolong and intensify these uncertainties. moreover, while the details of whatever agreement is reached to resolve the fiscal cliff are important, the economic confidence of market participants and the general public likely will be influenced by the extent to which our political system proves able to deliver a reasonable solution with a minimum of uncertainty and delay. >> ruth, the polls tell us the american people want to see congress work together on this. president obama says he wants to. john boehner says he wants to. there you have the titans of industry in new york with th
to deal with the so-called fiscal cliff right now. it will be resolved and i think the climate is right for immigration reform. he's going to have six months where he's going to do real business for congress. if they stimy him and they haven't seemed to evolve out of the whooping that just took place, the president is going to have to use executive power and authority. on an issue like climate there are many cases to be made that an executive doesn't need to work with congress because it's a national security. how many more record wildfires burning colorado he a new mek co-do we need? he's going to be able to lead regardless of whether congress wants to deal with him. let's hope that congressman boehner and others will get on the page of the president. >> douglas brinkley, thank you for your time tonight and a happy thanksgiving to you. >> back at you. >> coming up next, a "politicsnation" first. i had a dream. actually, it was more like a nightmare. you'll see it. try running four.ning a restaurant is hard, fortunately we've got ink. it gives us 5x the rewards on our internet, phone ch
. the fiscal cliff scenario, with its mandate for higher taxes and reduced federal spending is now just two months away. unless congress and the white house and have been this will happen. as "the wall street journal" reported friday, no doubt most companies would suffer if the u.s. goes over this cliff and economists say the tax increase in spending cuts full text my slow economic growth and will drive us into recession. my good friend terry duffy told wall street analysts last week what we've seen is corporations hoard cash from individuals with cash at the same time. there's so much uncertainty where to keep it, where it is safe and where does not. this is not the average course of business and people need to realize that. those of us outside of government must continue to make it clear to washington that compromise could no longer be considered a four letter word. in discussions and debates that prevented decisions from happening last year, we must move past that. it certainly has been a plus to hear both the president and house because the reputedly over the last two weeks that comprom
fiscal cliff involved? [laughter] >> education plan, jobs plan. i will say that thanks to the president reintroduce the american jobs at. it could perhaps be updated. i also believe we really need to think about what a comprehensive infrastructure program looks like. i think it should be go beyond transportation. you should put hoeksema playground, community facilities, education facilities. we need to build the nation. when they build rome over a thousand years ago, many buildings are still standing today. you don't go wrong when you build a nation. when eisenhower, roosevelt and eisenhower, roosevelt conceives and eisenhower began hosting the highway system, i don't think at one person in the nation is at the interstate highway system is a huge mistake. we should have never, ever built. it's done nothing for the nation. maybe in some ways they may have promoted some suburbanization that we might not like, but overall strength of the nation. we need another jobs initiative and that's why they get the fiscal discussions behind us, we could talk roughly about jobs and the other thing we
agreements to avoid the impending fiscal cliff. speaking of the economic club of new york come here is a part of what he had to say. >> so what are these looming challenge as? >> first, the congress and the administration need to protect the economy from the full brunt of the severe fiscal tightening of the beginning of next year that is built into the current law, the so-called fiscal clef. the automatic tax increases and spending cuts that make up the fiscal cliff absent of offsetting changes proposes a substantial threat to the recovery. indeed by the reckoning of the congressional budget office, the cbo, and that of many outside observers, a fiscal shock of that size would send the economy toppling back into the recession. second, early in the new year it will be necessary to improve and increase in the federal and debt limit to avoid any possibility of a catastrophic default on the nation's treasury securities and other obligations. as you recall the threat of default in the summer of 2011 fueled the economic uncertainty even though an agreement was ultimately reached. the failure to rea
the impact of the so-called fiscal cliff. if there is no deal by january 1st there will be tax hikes and spending cuts will rest on those in congress to get the job done. >> the defense department immigration and customs enforcement and transportation should. ministration have all decided to go with i phones. they are switching because black berries have been failing to much during important times. one-third of u.s. consumers are thinking about buying electronic tablets this out of a season. according to a new poll a 22 percent of those who want one of the devices said it plans to cut back on their holiday purchases in order to afford that. apple remains the leader with 25 some people surveyed san there tablets of choice. 16 say they will buy amazons kindle fire. another 1571 a samsung galaxy device. on the 8% named the new ipad mini as the first choice. >> the celebrity that is constantly twisting and updating facebook cannot be who you think is they may be getting help from a new startup. companies like the audience help busy celebrities boost their fan base on social media. the au
the constituents, this is one of the choices -- >> maybe obama ought to make clinton the fiscal cliff envoy. >> i heard he did, so, you know -- [laughter] >> but -- >> this is important, to bridge that sort of standing and staring at each other. take the step. veteran internal leadership, but, secondly, i want to go back to what bob said. we have to be more outward focused. i mean, we have given up engaging in africa and armed the globe and all the customers out there, all the income growth's out there. having those ties helps us in defense issues and other things, and we're not doing that now. part -- >> easiest place for public support for america for the agenda. >> that's the way to do it. >> get it right -- >> what would that be compromised of? >> negotiate the first tread agreement in over four years. president obama's the first president not to negotiate a trade agreement. >> no, no, those were gorgeted -- >> well -- >> negotiated by the previous administration, got through, and bottom line is we have an opportunity right now, in europe and asia, to knock down barriers, non-tariff barriers,
obama ought to make bill clinton a fiscal cliff envoy. >> i heard he did. >> but this is important. to bridge that sort of standing and staring at each other. take a step, first of all better in falluja. but secondly i want to go back to what bob said. we have to be more outward focus. we have given up engaging in africa, and around the globe. all the customers at the. all the income growth are out there, having those ties helps us in defense issues and other things. and we're not doing that now. >> the easiest place to get republican support -- >> that's how you do it. >> so maybe, to get a ride on an outward looking -- >> what would an american renewal agenda be comprised of? >> let's negotiate the first trade agreement in over four years. president obama is the first president not to negotiate a trade agreement. he got through in his fourth year -- >> he did negotiate south korea. >> those were negotiated -- >> they were negotiated by the previous administration. at the bottom line is we have an opportunity right now in europe and asia to knock down barriers, tariffs and nontari
about the choices in front of us on the fiscal cliff and organize my friends. it would be easy to start a group in the last couple of months. it would be easy to go and ask people to call members of congress. that would be easy and i am sure you will see our supporters do that. >> the legacy for obama for america will be an organization that will use these tools, use your database, use your supporters to advocate for the president? >> i think that everybody needs to work together to tackle some of these challenges. of course obama supporters are going to be involved. i will be one of those volunteering. >> what happens to the day that? >> i am going to go to italy. the one thing i know is that i want to be involved in some way helping this president. that is what i will do. here is the truth. i have taken a 1 week vacation in five years. it is time to restore my energy. the president and i were joking about how bad i looked. it is time to take a vacation. >> what did you say about how he looks? >> i said i thought he looked great. [laughter] >> as a possible you will go into the white h
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